Latest news with #Medicare
Economic Times
an hour ago
- Business
- Economic Times
Internet drags Elon Musk's parting words to DOGE, calling it the most awkward goodbye in tech history
Elon Musk's farewell note after leaving the Department of Government Efficiency (DOGE) was not met with applause. Instead, the internet savagely mocked it. From broken promises to exaggerated savings claims, social media users didn't hold back in calling him panned his unverified fraud-saving claims and dubbed his departure the "most awkward goodbye in tech history." The internet wasted no time mocking Musk's dramatic demeanor and broken Donald Trump was thanked by Musk on X on Wednesday "for the opportunity to reduce wasteful spending."'The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government.' As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending. The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government. — Elon Musk (@elonmusk) May 29, 2025 The tech billionaire Elon Musk claimed that DOGE would reduce the $7 trillion federal budget by $2 trillion. Only $150 billion in fraud was discovered, though, and that sum has not yet been confirmed. His farewell note was a prime target for online sarcasm because of bothersome details like that. One user said, 'The 'mission' has already failed, as you admitted; the debt will now explode.' Dearest Donald: I must leave you. Why? I cannot say. Where? You cannot know. How I will get there? I haven't decided yet. But one thing I can tell you; any time I hear the wind blow it will whisper the name... Elon. — Simpsonito (@SoySimpsonito) May 29, 2025 Someone else mocked, 'All that time and money you gave to him and you've been cast aside at the first opportunity and blamed for all their failings. The entire world could see this coming but you.''Still five year statute of limitations on your probable violations of the federal criminal conflict of interest statute,' said another user questioned, 'It seems unfair that Elon found $500 billion in annual Social Security and Medicare fraud and is leaving before telling us where it is.'A different user tweeted, 'this has damaged your brand beyond anything you can imagine.' Why are people mocking Elon Musk's DOGE goodbye? His dramatic exit and unverified claims about waste reduction made him an easy target online. Did Elon Musk actually save $2 trillion, as promised? No, only about $150 billion in fraud was reportedly discovered, and even that is unverified.
Time of India
an hour ago
- Business
- Time of India
Internet drags Elon Musk's parting words to DOGE, calling it the most awkward goodbye in tech history
Elon Musk 's farewell note after leaving the Department of Government Efficiency ( DOGE ) was not met with applause. Instead, the internet savagely mocked it. From broken promises to exaggerated savings claims, social media users didn't hold back in calling him out. Critics panned his unverified fraud-saving claims and dubbed his departure the "most awkward goodbye in tech history." The internet wasted no time mocking Musk's dramatic demeanor and broken promises. What did Elon Musk say in his farewell post? President Donald Trump was thanked by Musk on X on Wednesday "for the opportunity to reduce wasteful spending." 'The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government.' As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending. The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government. — Elon Musk (@elonmusk) May 29, 2025 Live Events What did Elon Musk promise with DOGE? The tech billionaire Elon Musk claimed that DOGE would reduce the $7 trillion federal budget by $2 trillion. Only $150 billion in fraud was discovered, though, and that sum has not yet been confirmed. How did the people mock him ? His farewell note was a prime target for online sarcasm because of bothersome details like that. One user said, 'The 'mission' has already failed, as you admitted; the debt will now explode.' Dearest Donald: I must leave you. Why? I cannot say. Where? You cannot know. How I will get there? I haven't decided yet. But one thing I can tell you; any time I hear the wind blow it will whisper the name... Elon. — Simpsonito (@SoySimpsonito) May 29, 2025 Someone else mocked, 'All that time and money you gave to him and you've been cast aside at the first opportunity and blamed for all their failings. The entire world could see this coming but you.' 'Still five year statute of limitations on your probable violations of the federal criminal conflict of interest statute,' said another user. One user questioned, 'It seems unfair that Elon found $500 billion in annual Social Security and Medicare fraud and is leaving before telling us where it is.' A different user tweeted, 'this has damaged your brand beyond anything you can imagine.' FAQs Why are people mocking Elon Musk's DOGE goodbye? His dramatic exit and unverified claims about waste reduction made him an easy target online. Did Elon Musk actually save $2 trillion, as promised? No, only about $150 billion in fraud was reportedly discovered, and even that is unverified.
Yahoo
4 hours ago
- Business
- Yahoo
What Medicare doesn't pay for becomes hefty debt for millions of seniors
Connie Morton's husband died last November. The cause: complications from Parkinson's disease, which he had been living with for 18 years. 'During that time, there were multiple medical costs not covered by Medicare,' the Colonial Beach, Va., resident told Yahoo Finance. 'We paid what we could. For the last nine years of his life, he could no longer work. I became his caretaker, and we survived on Social Security and some help from his kids.' A growing number of retirees, like Morton, are grappling with healthcare debt due to medical bills. Medicare, which provides health insurance coverage to more than 66 million people, covers the lion's share of the cost of medical care, but not all. On average, a 65-year-old who left the workforce last year may need $165,000 in savings to cover out-of-pocket healthcare expenses throughout retirement. Earlier this year, Morton broke her ankle. 'That also added up to significant hospital bills,' she said. The combination of medical bills not covered by Medicare for the retired couple: roughly $90,000. 'I'm at a point now where I can't keep my house because the bills are much too high,' Morton said. 'I'm trying to decide what I'm going to do.' One in 10 people age 65 or older with healthcare debt owe $10,000 or more, according to a KFF study. 'That is a shocking number,' said Tricia Neuman, senior vice president of KFF. 'Some of it is credit card debt, some of it is just debt owed to a healthcare provider or a hospital. Some of it is debt to other family members.' Consider that half of all people on Medicare live on about $35,000 or less, Neuman added. 'So a $10,000 bill, or $10,000 worth of medical debt, can really be unaffordable for people and have serious consequences.' The bills that lead to the debt typically include routine healthcare services such as lab fees and diagnostic tests, dental care, and visits to the doctor, and long-term care services not covered by Medicare, according to KFF. Medicare often requires patients to pay out of pocket around 20% of their doctor bills. 'In-home care for people who are unable to take care of themselves and don't have family members that can drop everything to be there 24/7, is particularly big,' she added. 'It's a variety of healthcare expenses that can pile up and lead to medical debt.' One of the biggest culprits of credit card debt is out-of-pocket medical costs. The amount that people borrow increases dramatically with age. Half of adults 50 and older who report borrowing money to pay for healthcare in the past 12 months borrowed approximately $3,000 or more, according to a new West Health-Gallup healthcare survey. In contrast, the median amount was $750 for adults aged 30-49 and $300 for young adults aged 18-29. 'People often have higher healthcare expenses as they age, for things like dental, vision care, prescription medication, and doctor visits,' said Lori Trawinski, AARP's senior director of finance and employment. 'In many cases, healthcare costs are often charged on credit cards, which can lead to carrying that debt from month to month,' she said. That's real trouble. Anyone who has rolled over credit card balances is keenly aware of the debt that accrues when you can only pay the minimum on credit cards with interest rates topping 20%. Troubling, too, is that many people on Medicare say that they or another member of their household have delayed, skipped, or sought alternatives to needed healthcare or prescription medications due to costs, KFF found. Read more: The best ways to pay off credit card debt Anqi Chen, co-author of a brief from the Center for Retirement Research at Boston College, recently surveyed retirees with $100,000 in investable assets. 'They were largely unprepared for a medical shock,' she learned. One driver is that traditional Medicare and Medicare Advantage do not cover the cost of long-term care in nursing homes and assisted-living facilities. An apartment in an assisted-living facility had an average rate of $74,148 a year in 2024, according to the National Investment Center for Seniors Housing & Care — and costs go up as residents age and need more care. Units for dementia patients can run more than $94,000. 'If these shocks are big enough, they can devastate a household's finances,' Chen said. 'About 80% of those ages 65 and over will require some long-term care, with nearly 20% requiring high-intensity care for more than three years.'Here are some moves that can help you manage your money and avoid medical debt. Plan for healthcare expenses It's important to make healthcare costs a part of your budget and factor potential unexpected healthcare costs in your emergency fund, said Carolyn McClanahan, a certified financial planner and physician. Medicare's online searchable Plan Finder on the site allows you to review plan options. If you have a limited income, you might be eligible for Medicare's Extra Help, which covers Part D premiums and deductibles and caps drug costs. And for now, free one-on-one counseling is available through state Health Insurance Assistance Programs. Read more: What is an emergency savings fund? Don't be shy If you're having issues affording your care, ask your doctor if there is anything more cost-effective, such as changing medications or going to other facilities for testing, McClanahan said. 'And make sure you understand why your doctor is ordering tests and what they plan to do with the information. Sometimes they order tests based on 'protocol' and aren't really needed,' she added. Consult a financial adviser If you have a health shock, your financial adviser can help with a plan by reviewing your overall assets, cash flow, liquidity, and where you can rebalance investments to free up cash to cover future bills. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Build a health savings account (HSA) If you're retiring soon, maximizing HSA contributions can be a smart move. An HSA lets you put money in on a tax-free basis, lets that money build up tax-free, and lets it come out tax-free for qualified healthcare expenses. (Some states assess state taxes.) In order to put money into an HSA, you must be enrolled in a high-deductible health plan. In those plans, you pay a lower premium per month than other types of health insurance plans, but a heftier annual deductible. Read more: HSA contribution limits for 2025: Here's how much you can save Check your credit report Get a free copy of your credit reports from In January, the Consumer Financial Protection Bureau (CFPB) finalized a rule that bans the inclusion of medical bills on credit reports used by lenders and prohibits lenders from using medical information in their lending decisions Each of the three big credit bureaus — Equifax, Experian, and Transunion — provides these free once a year. Check for accuracy and be certain that it does not include medical debt. If you see a mistake, contact the credit bureau to report it and get it removed. Read more: 6 benefits of a good credit score Scrutinize medical bills and negotiate if need be Ask for a line-item list of charges from your providers. Mistakes happen. It might be possible to set up a low-interest payment plan with the hospital or medical provider. Credit card issuers might also lower your interest rate if you have a good track record of timely payments before the medical crisis. Tap retirement accounts If you're over 59½, you can pull from your tax-deferred accounts penalty-free, although you will pay tax on the amount you withdraw. For many people, this is a speedy way to eliminate debt. However, it comes with a red-light caveat: Using your retirement accounts to whittle down debt depletes your retirement savings, and you miss out on the possibility of returns on those invested dollars. Work with a counselor A nonprofit credit counselor may also be able to negotiate with your credit card issuers if your medical debt is part of a credit card balance. You will pay a fee for the service. The Justice Department website provides a list of approved credit counseling agencies. One source to get started: National Foundation for Credit Counseling Declare bankruptcy No one really wants to go there. But if there's no relief in sight for your medical debt, this can be a do-over. A bankruptcy attorney can walk through the details with you. In general, retirement accounts are off the table during bankruptcies under federal law. Pensions, 401(k)s, 403(b)s, SEP-IRAs, and qualified profit-sharing plans are exempt from creditors. Traditional and Roth individual retirement accounts worth up to roughly $1.7 million are also protected. Social Security payments are also exempt. Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist and the author of 14 books, including the forthcoming "Retirement Bites: A Gen X Guide to Securing Your Financial Future," "In Control at 50+: How to Succeed in the New World of Work" and "Never Too Old to Get Rich." Follow her on Bluesky. Sign up for the Mind Your Money newsletter Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
CNBC
4 hours ago
- Health
- CNBC
Why travel insurance is a must for seniors
Travel insurance can be a huge help to anyone, especially older travelers who may have a greater risk of health issues or unexpected travel disruptions and greater concerns about protecting their finances. CNBC Select explores why travel insurance is so important for seniors and the policies to consider if you're over 65. Whether you have private insurance or Medicare, your U.S. health care plan probably isn't valid abroad. That's where your travel insurance policy's medical coverage is invaluable. It will cover the cost of doctor's visits, hospital stays, prescriptions and more. If you need to be flown somewhere for treatment or get back home, a good policy will also cover the cost of medical evacuation. We recommend buying a policy with at least $100,000 in emergency medical coverage and $250,0000 in evacuation coverage. If you're visiting far-flung locales or are particularly concerned about your health, however, look at policies with higher limits. Travel Insured International has some of the highest limits we've seen. Plans cover up to $250,000 in emergency medical expenses and $1 million for evacuation or repatriation. Single-trip and multi-trip/annual policies and cruise insurance. Add-ons include Cancel for Any Reason coverage and a travel inconvenience benefit Add-on to Worldwide Trip Protector Deluxe or Platinum plan that reimburses 75% of nonrefundable costs when purchased within 21 days of initial trip payment Available if policy is purchased within 21 days of initial trip deposit. A standard travel insurance policy won't cover pre-existing conditions if they force you to change your plans or seek medical treatment. A pre-existing condition is any injury, illness or chronic condition that requires treatment or medication, including diabetes, arthritis, cardiac disease or COPD. If you file a claim, your provider will typically look back 60 to 180 days before you enrolled to see if there were any changes in your medical status. You can get a pre-existing condition waiver, however, which prevents your insurer from reviewing your records when processing a claim. Many companies offer waivers but require travelers to be medically able to travel and to buy their policy within two weeks of booking. We like Nationwide for its more generous 21-day window in which you can buy coverage and still receive a waiver. Single- and multi-trip plans and cruise insurance, plus add-ons like CFAR and rental car coverage. Add-on to Prime plan that reimburses 75% of nonrefundable trip costs if purchased within 21 days of booking (Not available in New York or Washington state) Available with single-trip plan purchased within 20 days of initial trip deposit (14 days for cruise insurance) Even if you don't have a medical issue on your trip, you might have to cancel your plans because of a health condition, death in the family or other emergency. Trip cancellation and interruption coverage are among the best reasons to get travel insurance. A comprehensive plan will reimburse up to 100% of your nonrefundable costs if you need to cancel and up to 150% if you need to cut your trip your policy's terms to see what events are covered, but common scenarios include: If you're concerned about your situation being covered or don't want to have to submit proof, a Cancel For Any Reason (CFAR) policy will refund a portion of your expenses, regardless of why you scraped your plans. Most CFAR plans limit you to 50% to 75% of your nonrefundable costs, but Allianz reimburses 80% of expenses. Single-trip and multi-trip/annual policies and a rental car plan. OneTrip Prime and Premier plans include coverage for one child 17 or younger when accompanying a covered adult. Reimburses 80% of nonrefundable trip costs if you cancel at least 48 hours before departure. Included if policy is purchased within 14 days of initial deposit Read our review of Allianz Travel Insurance Cruises are particularly popular with retirees, who enjoy the convenience, entertainment and relaxing atmosphere, and have the funds and free time to devote to an extended excursion. Viking, Holland America and Cunard all market cruises aimed at older come with specific risks, though, including the ship breaking down or you missing your connection. We love Seven Corners' cruise insurance policies, which include up to $250 a day for missed connections, $5,000 for an itinerary change and $250 each time the ship is disabled or misses a port of call. Plus, Seven Corners gives you 20 days to buy a policy with a pre-existing condition waiver and covers travelers up to age 99. The best way to estimate your costs is to request a quote Policies provide missed and delayed tour/cruise connection coverage. Cancel for any reason coverage and pre-existing conditions waiver are also available if you buy your plan within the specified time. ***CFAR and IFAR are subject to certain eligibility criteria and are not available in all states Yes Many travel insurance companies put age restrictions on their policies, limiting coverage to travelers under 79 or even 65. The cost of a policy can also be much more expensive for older travelers. Seven Corners will approve coverage for travelers up to age 99 and Faye and Travelex don't have any age restrictions at all. One single-trip plan with optional add-ons for pet care, adventure sports and damage to vacation rentals Up to 75% reimbursement of nonrefundable trip costs if purchased within 14 days of initial trip deposit. Available if policy is purchased within 14 days of initial trip deposit. Essential, Advantage and Ultimate policies plus last-minute Travel Med Go plan and standalone plans for emergency medical and flight coverage. Upgrades include rental car, pet and adventure activities coverage Upgrade with Ultimate plan covering 75% of nonrefundable trip costs if purchased within 21 days of initial deposit and 31 days of departure. Included with Ultimate plan if purchased within 21 days of initial deposit Travel insurance averages between 4% and 10% of your total nonrefundable trip expenses. Because of increased risk, seniors pay on the higher end of that range. CNBC Select gathered rate quotes for a 65-year-old traveler and a 30-year-old traveler taking the same one-week $3,000 excursion to London and looking for $250,000 in medical coverage and $1 million in evacuation coverage. While the 30-year-old's rate was about 4.4% of their nonrefundable trip expenses, the 65-year-old was quoted a rate of about 7.3%. There can be a significant difference in price among carriers, so using a travel insurance marketplace like Squaremouth can help you compare rates in minutes. SquareMouth is a travel insurance marketplace that allows you can compare top-rated providers, including Berkshire Hathaway, Nationwide, Seven Corners and Tin Leg. Yes Read our SquareMouth travel insurance review The best policy for any traveler depends on your specific needs, the length and location of your excursion and other factors. Our top picks for travel insurance for seniors includes Travel Insured International, Nationwide, Seven Corners, Allianz and Faye. Some companies allow you to buy a policy up until a day or two before your departure, although enrolling within two weeks of booking ensures you have access to a pre-existing condition waiver and other benefits. Travel insurance typically costs between 4% and 10% of your nonrefundable trip expenses. For seniors, a policy will more likely be on the higher end of that range. We found coverage for a 65-year-old on a one-week vacation in London was 7.3% of the total expense. Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every travel insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of travel insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Scoop
7 hours ago
- Business
- Scoop
Pacific Edge Reports Resilient Performance In FY25
Press Release – Pacific Edge Pacific Edge also announces a NZ$20 million equity raising to capitalize on recent clinical and commercial milestones, grow in non-Medicare channels and regain Medicare coverage. The details of the capital raising are covered in a separate announcement … AUDITED FINANCIAL RESULTS FOR THE YEAR TO 31 MARCH 2025 30 May 2025 Pacific Edge today reports a resilient financial result for the year to the end of March 2025. Improvements in the performance of the sales force, operating efficiencies and cash collection gains over the financial year have positioned the company well as it works towards regaining Medicare coverage of its tests. Pacific Edge today also announces a NZ$20 million equity raising to capitalize on recent clinical and commercial milestones, grow in non-Medicare channels and regain Medicare coverage. The details of the capital raising are covered in a separate announcement to the NZX and ASX today. FY25 FINANCIAL PERFORMANCE2 Operating revenue down 8.6% on FY 24 to $21.8 million, reflecting Medicare uncertainty. Total revenue is down 16% on FY 24 to $24.6 million Total laboratory throughput3 (TLT) of Cxbladder tests fell 11.5% on FY 24 to 28,894; commercial tests fell 9.9% on FY 24 to 26,42 tests Tests/Sales FTE in the US for Q4 25 were reported at 405.6, up 6.4% on Q4 24; ASP4 for all commercial tests in the US increases to US$594 in FY 25 vs US$584 in FY 24 as operating efficiencies and cash collection gains continue to improve Strong performance from the Southern California Permanente Medical Group, increased APAC volume and sustained sales force efficiencies reduce the impact of Medicare uncertainty and the reduced sales team reach Net loss after tax +1.4% on FY 24 to $29.9 million, 2H 25 net loss +6.4% on 1H 25 led by increased expenditure on clinical research, Triage Plus commercialization and legal fees Cash, cash equivalents and short-term deposits of $22.6 million at the end of FY25; cash burn of $13.4 million in 2H 25 down 6.7% on 1H 25 FY 25 STRATEGIC PERFORMANCE Cxbladder Triage included in the American Urological Association (AUA) guidelines with a 'Grade A' evidence rating, the only biomarker to achieve this status Triage Plus achieves a draft Medicare price of US$1,018.44, a significant premium to the current US$760 per test; full scale commercial launch is now contingent on re-coverage Medicare coverage discontinued following Genetic Tests for Oncology (Specific Tests) (L39365) becoming effective after balance date (24 April 2025); Pacific Edge is now focused on regaining coverage for Triage and Monitor and obtaining coverage and launch of new products Triage Plus and Monitor Plus Commercial team focused on profitable territories, non-Medicare revenue streams and selling the clinical and economic value of Cxbladder; Cxbladder Detect discontinued FY25 Climate Disclosures released in compliance with NZCS NOTE: PEB HAS RELEASED THIS UPDATE TO THE NZX AND ASX AS PER LISTING RULES [1] 1 PEB has released the information contained in this update to the NZX and ASX as it regards it to be material, as defined in the NZX Listing Rules and Section 231 of the FMC Act. 2 All comparisons are to the same period of the prior financial year unless otherwise stated. 3 Total Laboratory Throughput (TLT) includes commercial, pre-commercial and clinical studies testing. 4 ASP: US Average Sales Price (US Operating Revenue in USD / US Commercial Test Volumes)
